Question

1. Which of the following accounts is an owner's equity account?
   1. Cash
   2. Accounts Payable
   3. Prepaid Insurance
   4. Ross Morris, Capital

2. The gross increases in owner's equity attributable to business activities are called

a. assets

b. liabilities

c. revenues

d. expenses

3. The debit side of an account

a. depends on whether the account is an asset, liability, or owner's equity

b. can be either side of the account depending on how the accountant set up the system

c. is the right side of the account

d. is the left side of the account

4. Which side of the account increases the cash account?

a. credit

b. neither a debit or a credit

c. debit

d. either a debit or a credit

        5. A cash payment is recorded in the cash account as

a. neither a debit or a credit

b. a credit

c. a debit

d. either a debit or a credit

        6. A list of the accounts used by a business is called the

                    a. journal

                    b. chart of accounts

                    c. T chart

                    d. Trial balance

7.   In the chart of accounts, the balance sheet accounts are normally listed in which order?

a. liabilities, assets, owner’s equity

b. assets, liabilities, owner’s equity

            c. owner’s equity, assets, liabilities

d. assets, owner’s equity, liabilities

   

8.   Which group of accounts is comprised of only assets?

      a. Cash, Accounts Payable, Buildings

      b. Accounts Receivable, Revenue, Cash

      c. Prepaid Expenses, Buildings, Patents

      d. Unearned Revenues, Prepaid Expenses, Cash

   

9.   Expenses can result from

            a. increasing owner’s equity

            b. consuming services

            c. using up liabilities

            d. purchasing assets

Answer 1

rate positively..

Ans 1	Correct answer is option:
	d) Ross Morris, Capital
Ans 2	Correct answer is option:
	c) Revenue
Ans 3	Correct answer is option:
	d. is the left side of the account
Ans 4	Correct answer is option:
	c) Debit
Ans 5	Correct answer is option:
	c) Debit
Ans 6	Correct answer is option:
	b. chart of accounts
Ans 7	Correct answer is option:
	b. assets, liabilities, owner’s equity
Ans 8	Correct answer is option:
	c. Prepaid Expenses, Buildings, Patents
Ans 9	Correct answer is option:
	b. consuming services